Line, Japan’s largest chat platform, has created a subsidiary called Unblock, which will experiment with blockchain’s capabilities, on April 2 in South Korea.
“The establishment of Unblock signals we are ready to invest in order to play a leading role in the blockchain industry,” a Line representative mentioned. “We are planning to recruit people with expertise in blockchain technologies, such as token economy design. We will speed up investment and strengthen research on the virtual currency market,”he added.
According to Line Plus, Unblock will conduct research about the cryptocurrency market and plans to help South Korean cryptocurrencies reach Japan and Southeast Asia.
Eventually, the company plans to launch an exchange and its own cryptocurrency.
Japan and South Korea have become major blockchain hubs with China’s strict cryptocurrency regulations.
Line is not the only company who plans to launch its own cryptocurrency exchange, as Yahoo Japan announced earlier this month that it will launch its cryptocurrency exchange.
Line eventually wants to issue its own cryptocurrency, which is similar to the South Korean capital Seoul’s government, as Seoul announced yesterday that it will launch its cryptocurrency.